IKEA Cheras to open in November
Furniture giant IKEA will open its second store in Cheras by end of November this year, with plans to expand further and set up operations in Johor and Penang. IKEA Retail Director for Malaysia, Singapore and Thailand, Mike King, said the company was looking for locations in these two states, likely with Johor first then Penang. IKEA Cheras is located at Jalan Cochrane, and will be 20% bigger than the existing Damansara store with 42,000 square meters of shopping space. The opening of IKEA Cheras will mark its fifth store in South-East Asia. (Astro Awani)
Fajarbaru in talks for Gemas-JB rail link partnership
Construction firm Fajarbaru Builder Group Bhd is said to be in talks with China Railway Construction Corp Ltd (CRCC) for the role of local partner in the RM8 billion double-tracking railway line project, which will span almost 200km from Gemas to Johor Baru. The two companies are looking to sign a joint venture to undertake the construction soon. CRCC has proposed to build and fund the last stretch of the double-tracking project, and Fajarbaru has experience in rail construction, having won light rail transit (LRT) jobs and a section of the double-tracking rail job in the past. (The Edge Markets)
SBC to launch projects worth RM500mil
SBC Corp Bhd plans to launch projects with gross development value (GDV) worth RM500 million, and targeting RM150mil to RM200mil in sales next year. The company is currently pending approval for its flagship RM1.8 billion Jesselton Quay project in Kota Kinabalu. SBC Corp is also working on Kiara East, a mixed development project in Kuala Lumpur which is expected to finish by the end of this year. The company is also awaiting approvals for new residential projects in Titiwangsa and Bangsar. (The Star Online)
MRT2 final approval in October
Mass Rapid Transit (MRT) Corp is set to start construction on MRT Line 2 in the first quarter next year, with the final alignment and railway scheme expected to be approved by the Land Public Transport Commission (SPAD) next month. There are a total of 10 construction packages for MRT2, and the first package of 4km starting from Sungai Buloh is expected to start construction in 1Q next year. Construction cost for MRT Line 2 would be RM28 billion, after taking into account currency fluctuation risks. (The Sun Daily)
UEM Sunrise targets RM500mil sales from Aussie projects
Property developer UEM Sunrise aims to achieve RM500 million in sales for its latest development in Australia by year-end. The 42-story tower on Mackenzie Street in Melbourne, known as Conservatory, will be a predominantly residential project, with a retail component of 300 sqm and total GDV of A$320mil (RM993mil). 60% of the project has been sold since its worldwide marketing campaign a month ago, with the remaining 40% to be marketed in Europe, UK, Brunei and Australia. Conservatory will be the third Melbourne investment for the company, and construction is expected to begin in the first half of 2016 and completed in the second quarter of 2018. (The Star Online)
Takaso ventures into property with RM6mil stake acquisition
Takaso Resources Bhd is buying a 50% stake – for RM6 million cash – in A.W. Impian Land Sdn Bhd, who owns a 0.3ha leasehold land in Petaling Jaya to carry out a RM45.5 million residential project. Takaso, which manufactures baby products, condoms and toys, is diversifying its business into property development, which it sees as a key driver in turning around the group. The development will consist of three-storey town houses with common facilities that will total 39 units. It is expected to commence in a year and completed within three years. (The Edge Markets)
Kwasa Land awards RM127 infrastructure project
Kwasa Land, the master developer for the Kwasa Damansara township, has awarded its first main infrastructure works project worth RM127 million to WCT Holdings Bhd. The contract is for the construction of common infrastructure at the township development within MX-1 (main town centre) and Kwasa Sentral MRT station, which includes earthwork, roadwork drainage, sewerage reticulation and sewerage treatment plant, water reticulation, park and ride facility, electrical infrastructure works. (The Star Online)
